The group said it plans to leave New York and reincorporate as a nonprofit organization in Texas, in a move it calls “Project Freedom”.
The NRA said it is in its “most solid financial situation in years”, but the restructuring will help “rationalize costs and expenses”.
The Chapter 11 announcement follows changes in leadership and allegations of financial mismanagement in the NRA in recent years.
New York Attorney General Letitia James filed a lawsuit last summer accusing the NRA’s senior leadership of violating the laws governing nonprofit groups and using millions of dollars of the organization’s reserves for personal use and tax fraud. James responded to the group’s bankruptcy announcement on Friday, saying, “The NRA’s alleged financial situation has finally reached its moral status: bankruptcy.”
This story is developing.